29 Jan 2015
Gold trades hits fresh session low
FXStreet (Mumbai) - Gold prices fell to a session low after failing to sustain the rebound witnessed at the onset of the US session.
Fed rate hike still in pipeline
The latest drop in Gold may have come due to WSJ’s Fed watcher Jon Hilsenrath’s article, wherein he stated that the Federal Reserve (Fed) is still on course to raise interest rates as new hints of “hawkish” and “dovish” leanings seem to balance out.
However, the USD index continues to trade in the red; down 0.24% for the day at 94.65 levels. Moreover, the Fed statement released yesterday did little to alter the investor expectations regarding the timing of an interest rate hike in the US.
Gold Technical Levels
The metal hit a low of USD 1263.30/Oz levels before recovering marginally to USD 1265.30/Oz ; down 1.7% for the day. The immediate support is seen at 1262.1, under which losses could be extended to 1250.16 (5- WMA). On the flip side, the resistance is seen at 50-WMA located at 1266.76 and 1272.3 levels.
Fed rate hike still in pipeline
The latest drop in Gold may have come due to WSJ’s Fed watcher Jon Hilsenrath’s article, wherein he stated that the Federal Reserve (Fed) is still on course to raise interest rates as new hints of “hawkish” and “dovish” leanings seem to balance out.
However, the USD index continues to trade in the red; down 0.24% for the day at 94.65 levels. Moreover, the Fed statement released yesterday did little to alter the investor expectations regarding the timing of an interest rate hike in the US.
Gold Technical Levels
The metal hit a low of USD 1263.30/Oz levels before recovering marginally to USD 1265.30/Oz ; down 1.7% for the day. The immediate support is seen at 1262.1, under which losses could be extended to 1250.16 (5- WMA). On the flip side, the resistance is seen at 50-WMA located at 1266.76 and 1272.3 levels.